Product category:
Printing Substrates - Paper, Forms and Stationery
News Release from: UPM-Kymmene Corporation
Edited by the Printingtalk Editorial
Team on 05 February 2007
UPM Looks For Alternatives As M-real Bid
Fails
UPM said it would still discuss alternatives to its bid for M-real Corporation, following the latter company's rejection of UPM's EUR500 million offer.
UPM said it would still discuss alternatives to its bid for M-real Corporation, following the latter company's rejection of UPM's EUR500 million offer for a 15 per cent stake in M-real's pulp producer Botnia Instead, M-real has decided to sell a nine per cent stake in the company to the Metsaliitto Group for EUR240 million
This article was originally published on Printingtalk on 22 Mar 2004 at 8.00am (UK)
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UPM's president and chief executive officer, Jussi Pesonen, said: "We made the best offer, in which we stated that we would be ready to discuss other alternatives as appropriate.
During the period November 2006 - January 2007 UPM made multiple requests to M-real to start negotiations." He added: "We believe that both M-real and UPM share common business interests in Botnia as major pulp users.
Cost efficient high-quality pulp is an important component of value creation for both of us." Pesonen said that the business would go on and the development of Botnia would continue with UPM's support.
He commented: "The value of Botnia, however, will be enhanced only, if it is developed focusing on pulp users' needs.".
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